"Bosworth said that the doom and gloom was mostly "overwrought." "There is a real cause for sadness here," Bosworth said, referencing Meta's recent cuts to its Reality Labs division, which houses Meta's metaverse and VR bets. "You have people doing work that we were excited about, that we wanted to have in the system." Meta realized that its vision for Horizon and VR was "too much," he said."
""The investment that we put in is bigger than the growth that this ecosystem will allow," he said. "That's a real loss. We are allowed to feel sad about those things." Meta has cut several of its VR products, including its virtual workplace and fitness apps. Still, Bosworth maintained that Meta was "extremely bullish on VR," and that the company was investing more in content than any competitor."
Meta invested heavily in virtual reality and the metaverse, renaming the company and funding Reality Labs. Reality Labs has accumulated more than $70 billion in losses since 2020. The company cut several VR products, including a virtual workplace and fitness apps, after growth in the VR ecosystem proved slower than expected. Meta CTO Andrew Bosworth said the investments were larger than the ecosystem could support and described the cuts as a real loss for teams. Bosworth also said Meta remains extremely bullish on VR and continues to invest heavily in content and AI-related hardware.
Read at Business Insider
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